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Regulators slow to keep up digital currencies

Rebecca Thistleton (via AFR) | May 15, 2013
Australian regulators and government show little sign of keeping up with emerging digital currencies such as ­Bitcoin despite their four years existence.

Earlier this mont in New Zealand, the country's Bankers Association told TVNZ television that commercial banks might create their own digital currencies to rival Bitcoin.

Chief executive Kirk Hope said the banks had noticed the low international transfer costs which Bitcoin offered.

Bitcoin issuance is capped at about 21 million units, and Mr Hope said there was room in the market for other players- potentially a bank.

The Australian Bankers' Association referred queries to the RBA.


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